Benefits Analyst I

State of Illinois•Springfield, IL

22h•Onsite

About The Position

The Teachers’ Retirement System of the State of Illinois (TRS) is one of the largest public pension systems in the United States. We provide retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside the city of Chicago. TRS serves over 456,000 members and manages a multi-billion-dollar investment portfolio for the exclusive benefit of the membership. TRS is an agency of the State of Illinois governed by a Board of Trustees. Full-and part-time employees are eligible for the State of Illinois comprehensive benefits program which includes medical, dental and vision coverage. All employees hired after August 17, 2001 participate in the TRS retirement pension plan. Employees also have the option to contribute to additional State of Illinois deferred compensation plans. The TRS pension plan is a participating reciprocal system under the Illinois Pension Code Retirement Systems Reciprocal Act.

Requirements

Bachelor’s degree in math, statistics, accounting, education, business, or a related degree
Candidates without a degree must possess four (4) years of progressive responsibility in a related business or education field.
Excellent analytical and organizational skills and the ability to communicate effectively with co-workers and the public both verbally and through written correspondence.
Critical skills required are analytical skills, computational skills, communication skills and interpersonal skills as well as the ability to utilize existing computer applications and interact effectively and diplomatically with members.

Nice To Haves

Preferred experience with pensions, benefits and or employee relations

Responsibilities

Processing and calculating one type of claim (retirement, refund and single sum, APB, disability, or survivor benefit) and calculating the associated recalculations with proficiency, or processing and calculating five types of optional service adjustments with proficiency.
Responding to inquiries regarding benefit claims or optional service adjustments and working with the Benefits Manager to accomplish assigned tasks.
Providing technical and clerical support to the Benefits Department.
Analyzing, researching, and gathering documents and other information that allow for the accurate and timely processing of benefit claims or optional service adjustments.
Assisting with mailings, handling telephone inquiries, resolving refund discrepancies and processing of Social Security and divorce estimate requests.
Maintaining an understanding of existing statutory requirements, rules and procedures that determine retirement options and benefits.
Receiving requests for income verification letters, publications, specialized forms, and other documents; responding in an accurate and timely manner.
Using Excel spreadsheets and computerized procedures to calculate benefit claims including age retirement annuities, reversionary, optional service adjustments, and single-sum retirements.
Analyzing and preparing all necessary calculation and benefit information to provide comprehensive and concise information to members.
Organizing refund and single sum, disability, APB, survivor benefits, and/or retirement applications for claim processing as needed.
Providing technical and clerical support to the benefits department including but not limited to preparing letters for review and approval, mailing, scanning, recording receipt of documents, and reviewing voicemails, emails, and various User Action Request reports.
Reviewing daily work and determining how work should be distributed throughout the unit including identifying “Rush” requests.
Calculating one type of claim or five types of optional service adjustments using the appropriate applications for verification by another analyst.
Contacting employers when necessary to determine excess salary cost and excess sick leave cost billed to employers on retirement claims.
Reviewing and analyzing documentation such as contracts, board minutes and salary charts received from employers to make sure calculation, and billing is accurate and ensuring proper documentation is received per Pension Code.
Reviewing QILDRO court documents to calculate anticipated adjustments on retirement claims.
Analyzing changes, reviewing, and submitting claim recalculations, as needed.
Analyzing and submitting miscellaneous adjustments, as needed.
Reviewing, analyzing, and interpreting homebound documentation, W2 forms, Social Security Itemized Statement of Earnings and other pertinent documentation sent to TRS from the member or their employer with assistance from more senior staff members.
Analyzing and auditing member records following the Illinois Pension Code and statutory requirements to determine eligibility for benefits or optional service.
Responding to inquiries and correspondence received from members and internal staff.
Modifying standard letters or creating customized letters, as needed.
Reviewing and submitting Excess Contribution Refunds and 1% Survivor Benefit Refunds.
Following up with members, school districts, retirement systems, and financial institutions as necessary.
Analyzing and researching returned warrants to determine steps needed to ensure the acceptance of transactions to financial institutions.
Collaborating with State Comptroller’s office, accounting department, members, and financial institutions to safeguard the acceptance of the funds as needed.
Calculating and submitting divorce estimates.
Analyzing, researching, and meeting IRS mandated time guidelines for the annual Required Mandatory Distribution as needed.
Analyzing and researching the annual Member Accumulated Contribution research project as needed.
Retrieving reciprocal service histories via the Illinois Municipal Retirement Fund (IMRF) and State Universities Retirement System (SURS) website and maintaining a follow up system with the Chicago Teachers’ Pension Fund (CTPF) via email or phone contact when required or requested.
Receiving, reviewing, and processing out of state verification forms (OSV’s) regarding past Illinois teaching service.
Sending responses to member or employer as required.
Analyzing and calculating Social Security eligibility letters and/or income verifications as needed.
Reviewing legal documents, including trust and probate documents for proper payment of death claims.
Reviewing workers compensation documentation, to calculate credit and process miscellaneous adjustments.
Assisting in special projects using the agile scrum methodology as needed.
Participating in training as required.
Performing other duties as assigned.